First Time Home Buyer
Buying your first home is one of the most exciting—and possibly stressful—times in your life. The experienced and knowledgeable Mortgage Lenders at Omaha State Bank can help ease your fears and make the process a smooth experience for you.
We have several mortgage loan programs that can be customized to meet your individual needs. The most common mortgage loan programs for first-time home buyers are:
VA Loan: VA loans are available to veterans, in-service military and certain other reservists. VA guarantees a percentage of the loan.
FHA Loan: FHA loans are insured by the Federal Housing Administration. The FHA loan has lower down payment requirements and offers higher qualifying ratios.
Conventional: Conventional loans are secured by government sponsored entities or GSEs such as Fannie Mae and Freddie Mac.
Other common loan programs are:
Fixed-Rate Loan: The interest rate remains constant throughout the life of the loan.
Adjustable Rate Loan: The interest rate may change. The rate may go up or down based on the caps on the rate; your rate is tied to a margin and an index.
Balloon Loan: A fixed rate loan that is amortized over an extended period of time but comes due at the end of a shorter term. Some loans have an option to extend the loan at a new interest rate at the end of the balloon.
|